In a February report, NerdWallet released data on the 111 best cities that support the greatest prosperity for minority business owners. The list contained cities — big and small — that produced either large numbers of businesses or had high revenue streams. The list below shows major cities with mostly African-American populations and their impressive business gains.
Georgia has the third-largest consumer market, valued at more than $73 billion. The city of Atlanta also has decent and affordable housing that contributes to the migration to the city. According to NerdWallet, the average yearly revenue of many businesses is about $52,000-plus. Also, the thriving entertainment industry adds to the prosperity.
According to the NerdWallet data, Miami is 16th out of 111 cities, but the city has some impressive numbers nonetheless. Per 100 people, there are 14 Black/minority-owned businesses. The unemployment rate is one of the lowest in the country at 5.5 percent.